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OpCapita risks further government heat through £27m Comet tax-loss buy

24 Jun 2013

Private equity firm OpCapita is preparing to court further controversy following its £2 buyout of collapsed electrical retailer Comet after it emerged the firm is considering buying the chain’s tax losses.

The firm is planning to buy £27m of the losses through subsidiary Hailey Acquisitions according to the Mail on Sunday, which said OpCapital could then offset them against the vehicle’s own profits in a practice currently being clamped down upon by the UK government.

OpCapita is already being investigated by the UK Government after complaints from MPs over its handling of the business.

British taxpayers are believed to be facing a £49.4m bill for unpaid redundancies and tax after the company sank into administration last year, despite OpCapita holding vehicle Hailey Acquisitions walking away with £50m as a secured creditor.

That is down £95m on the amount Hailey is owed, but leaves it in a better position than £26.2m unsecured government creditor HM Revenue and Customs, which will received nothing.